Dispensing cartons for beverage cans and a wide variety of other items are known. Conventional dispensing cartons may have a panel or combination of panels formed with a dispensing feature through which items may be obtained by a user. Coolers for cooling beverages and other items also are known. Such coolers may include insulated bodies into which are placed items to be cooled along with ice to cool the items. A need exists for a dispensing carton that also can be used for cooling items contained therein as well as dispensing the items through a dispensing feature. It is to the provision of such a carton, a method of erecting the carton, and a blank from which the carton is erected that the present invention is primarily directed.